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Energy Today: Crude Hits 52-week High as OPEC+ Maintained Status Quo of Production; Banks Raise Brent Crude Price Forecast

5 Mar 2021 10:57 am
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Mumbai (Commodities Control) - The global oil prices surged to a 52-week high after OPEC+ chose not to relax supply curbs even as the global economy pulls out of its pandemic-driven slump, confounding widespread expectations the group would loosen the taps.

The producer alliance agreed to hold output steady in April, while Saudi Arabia said that it will maintain its 1 million barrel-a-day voluntary production cut.

WTI oil is trading near $65 a barrel while Brent oil is trading above $67 a barrel in Asian trading hours on Friday.Crude has soared this year, shepherded higher by OPEC+ restraining supplies and the vaccine-aided recovery in consumption that’s drained inventories.

UBS raises Brent forecast to $75/Bbl and WTI to $72/Bbl in 2H’ 2021 and Goldman Sachs Group Inc. raised its Brent forecasts by $5 a barrel and now sees the global crude benchmark at $80 in the third quarter.

JPMorgan Chase & Co. increased its Brent projection by $2 to $3 a barrel and Australia & New Zealand Banking Group Ltd. boosted its three-month target to $70. Even Citigroup Inc. said crude prices could top $70 before the end of this month.

The positive trend will continue in Indian market with the MCX March expiry crude oil contract moving towards Rs. 4800 per barrel.



       
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